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New findings: teenagers would be the biggest users of payday advances

New findings: teenagers would be the biggest users of payday advances

brand brand New figures show, that 63 percent of payday advances among young adults involving the ages installment loans Rhode Island of 18 and 29 are applied for by males – and based on private economist in Danske Bank, Louise AggerstrГёm Hansen, that may be the start of a downward spiral that is financial.

This is certainly among the reasons why economic self-confidence is regarding the cornerstones within the bank’s societal impact strategy.

At Danske Bank, Emil Toft Hansen from Copenhagen University happens to be composing his company PhD thesis on financing habits of residents located in Denmark. Associated with this, he has got charted loan that is payday among around 20,000 Danske Bank customers. Their findings reveal that 40% of most payday advances are applied for by young adults between your many years of 18 and 29, plus in two away from three instances the young borrower is a guy.

Based on Louise AggerstrГёm, personal economist at Danske Bank, the truth that a lot of teenagers are taking right out high-interest payday advances is an issue:

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